Venezuela's Guaido to seek to annul $8.7B ConocoPhillips award - Reuters

|About: ConocoPhillips (COP)|By:, SA News Editor

Venezuelan opposition leader Juan Guaido will attempt to annul an $8.7B arbitration award to ConocoPhillips (NYSE:COP) as he moves to preserve foreign assets, Reuters reports.

An annulment request - if accepted - would halt enforcement of the award over the 2007 loss of COP's projects in the country under the Hugo Chavez regime but follows a decision last month by a World Bank arbitration tribunal to impose the award against Venezuela.

An annulment would be a boost to Guaido, whose interim presidency of the country is backed by the U.S. and several other countries.

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